Is it time for a shared bank account?
<div class="user-question">What should I do before opening a shared bank account with my significant other? Is there anything I should keep in mind? We’re not married but have been dating for five years and have lived together for three.</div>
This is a great question. As unsexy as it is, figuring out how to manage finances together is one of the most important parts of building a successful relationship with your partner.
Opening a shared bank account with your partner can be a smart way to streamline bills and shared expenses, but it’s also a big financial step, particularly if you are not married. Opening a bank account impacts your credit history, so you want to make sure you’re thoughtful about how you set things up and align with your partner on expectations as to how you’ll use it together.
Here are five key things to consider before moving forward:
1️⃣ Define the purpose of the account
Why did you decide to open an account? Was venmoing back and forth getting annoying? Do you have big expenses together (home decor, groceries, parking, etc.)? Something else? Be clear about why you’re opening an account together and what the funds will be put towards. Is it only for shared expenses like rent, groceries, and utilities? Or do you also want to cover travel, date nights, or long-term savings together? Setting clear boundaries about what goes in (and what comes out) will keep the account focused on its purpose instead of turning into a source of confusion or resentment.
<div class="frich-tip">Frich tip: One of our team's current favorites is GreenFi. GreenFi is the climate-friendly alternative to traditional banks that empowers you to align your actions with your values without costing you extra money. No account minimums. No monthly fees & earn up to 3% APY*. Check it out here.</div>
2️⃣ Agree on contributions
Even more important than what is coming out is what is going in - where will the funds come from? Talk openly about how much each of you will deposit and on what frequency. Some couples prefer a 50/50 split, while others contribute proportionally to income. Since you’re making $59K, you may want to better understand your partner’s income and run the numbers together so the amount you contribute feels fair and sustainable for both of you. Putting that agreement in writing, even just in a shared note on your phone, can help prevent misunderstandings down the line. To take it a step further and really automate the experience, you can each set up automatic direct deposits from your income each month directly into the account so you never have to think about transferring money there.
<div class="frich-tip">Frich tip: Figuring out the right amount that you can set aside isn't always a straight-forward decision. If you need some help creating your own budget, check out our favorite budgeting tool - Pocketsmith.</div>
3️⃣ Keep individual accounts too
This should not be a replacement for your own personal account. You’ll likely still have expenses of your own, and keeping your own checking and savings accounts ensures you both maintain financial independence and can make personal purchases without needing approval. This balance often helps couples feel more secure and respected, and requires less “asking if it’s ok” to spend money on things like personal travel, gifts, clothes etc.
4️⃣ Understand the legal side
Once you put money into a joint account, both of you have access to it going forward. Joint accounts give both people equal rights to the money, regardless of who contributed more. Either of you could withdraw the full balance at any time. Make sure you both feel comfortable with that access, and choose an account with clear features (like separate debit cards and online visibility) so you can track spending together.
5️⃣ Talk about the “what if”
It’s not romantic, but it is super important to discuss what happens if the relationship ends or living arrangements change. How will you close the account, and how will you divide the balance? Having a simple exit strategy in place makes the whole arrangement feel safer and more intentional.
<div class="frich-tip">Frich tip: If just thinking about this makes you feel overwhelmed, take this as your sign to turn inward and figure out what's bothering you! Our team recommends Headspace to help you with this 🥰</div>
Found this valuable? Here are some more deep dives from the Frich team 🤝
✅ What am I supposed to do with my salary?
✅ How do I financially navigate a breakup?
Good luck! Hope this was helpful --
Genevieve Bellaire, founder & CEO of Realworld
